MBA-FPX5018__Assessment4-1 (1)

.pdf

School

Capella University *

*We aren’t endorsed by this school

Course

5018

Subject

Business

Date

Feb 20, 2024

Type

pdf

Pages

Uploaded by BailiffHornet3411

1 Project Management Cosmo Inc David Estaphnous MBA-FPX5018 10/26/2023

2 Table of contents Executive Summary 3 Project Charter 4-7 Project Scope 8-9 Work Breakdown Structure(WBS) 10 Project Management Schedule 11 Project Management Cost(Budget) 11-12 Risk Management Plan 12-15 Project Quality Plan 15-17 Project Close and Lessons Learned 18 Appendices 20 References 20-21

3 Executive Summary Cosmo Inc. is known as one of the industry leaders in wearable technology, holding a 33 percent market share. CEO Harold Living has noticed that the level of competition has increased. Thus, Mr. Living has instructed his staff to create a new marketing plan to grow the consumer base by 20% and wearable technology manufacturing by 25%. The marketing team has been instructed to use modern technologies, such as social media and data analytics, for predictive analytics to find known and unknown client segments to meet those objectives. The marketing campaign aims to establish Cosmo Inc. as a top contender in the wearable technology space. Furthermore, to build a better digital business for the future, produce and support goods that enhance the customer experience, and mesh embedded services of people, devices, and information, the marketing plan must incorporate technology into the current ERP and marketing systems. Utilizing cutting-edge technologies like mobile, loT, and artificial intelligence apps are some ways to accomplish that goal. The team will need a project charter and accompanying project management plan to direct the work and stay on schedule. The project's specifications include a 10-week timeline, a $150,000 budget, and a 6-month campaign duration. Performance reports that will be created to track client growth and customer satisfaction will be used to gauge the project's success. Customer service, information technology, marketing, and finance are among the departments working on the initiative.

4 Project Charter (Assessment 1) Project Title: Incorporating technology trends into the company’s strategic marketing, Project Start Date: September 10th, 2023 Projected Finish Date: March 10th 2024 Budget Information 150,000 Project Manager: David E. Business Need : Cosmo, Inc. is a pioneer in creating and marketing wearable technology, including products that offer lifestyle counseling, nutritional coaching, and exercise coaching. The business has a 33% market share in wearable technology. Senior leadership knows the entry of competition could harm future profitability after doing a marketing study. The company decided management should devise a new marketing approach to expand and maintain market share. Cosmo also chooses to include technology trends, such as the Internet of Things (IoT), digital services, data analytics, and the mobile technology revolution, into the company's strategic marketing based on data analytics. A task force is chosen to examine the data analytics reports from Cosmo, Inc. and its rivals to suggest an entirely novel approach. Project Objectives : ● Create a marketing campaign strategy to boost wearable technology output by 25%. ● Finding untapped client segments based on age, demography, income, education, and technology will increase your customer base by 20%. ● Utilize modern technology, such as social media and data analytics, for predictive analytics to find known and unknown client segments. ● Become a dominant player in the wearable technology market. ● Utilize cutting-edge technologies, such as IoT, mobile technology, and artificial intelligence applications, to overtake competitors (an application, AI-integrated website) ● Technology should be integrated into existing ERP and marketing systems to better future digital businesses, provide and support products, and "mesh" embedded services of people, devices, and content( survey current customers, reward or incentivize survey takers) Approach : The five phases of project management are initiation, planning, execution, monitoring and control, and closure. These strategies will ensure accountability and productivity are held to higher standards. Initiation: This phase will clearly define the project's standards and scope. The initiation stage aims to extensively outline the project objectives needed by the strategic marketing plan.

5 The project’s outline should also be extensive enough to lead to the planning stage. The initiation phase should start as soon as possible to prepare for the planning phase(PMI, 2017).. Planning: This phase will address how the project's goals should be accomplished, who will be the key employees, what their duties will be, set up the timelines, and establish the most effective way to achieve the project’s goals, leading to the execution phase. The planning stage should also include a work breakdown structure(WBS) to subdivide the project’s work into smaller, more manageable components. Lastly, An essential part of the planning stage is identifying risks and documenting risk management(PMI, 2017). Executing: This is the phase where all the plans are implemented. This phase will outline the process of all the work needed for the project to achieve its goals and objectives. The process should also outline weekly meetings to revisit the goals and ensure proper implementation(PMI, 2017). Monitoring and Control: This phase is needed to monitor, evaluate, and control the project's performance, as well as to spot any areas where plan adjustments are necessary and start the necessary changes. This phase’s primary advantage is that project performance is monitored and measured regularly to spot deviations from the project management plan. Thus, Monitoring involves gathering, calculating, and communicating performance data and analyzing measures and trends to improve operations. Lastly, this phase aims to control costs, schedules, and risks(PMI, 2017). Close-out: The project will end with goals achieved as specified. Assumptions : There is an operating website that customers go on to buy products, an application that assists customers in making better decisions about purchasing, social media pages, and websites. Additionally, part of the budget will be devoted to social media ads. Constraints : There will be a time constraint of 10 weeks and a budget constraint of 150,000. Constraints on performance to meet customer’s and project demands. Dependencies : Budget of 150,000, a time limit of only ten weeks, the popularity of wearable merchandise, Human resources, and external resources. Initial Risk Factors : ● Project going over budget ● Project schedule (schedule over budget or exceeding time), ● Security, Safety, and privacy compromise ● External Factors(Hackers hack into the system)

6 ● Human resources (employees quitting and not completing the project). ● Marketing receiving negative responses. Regulatory Cost and Impact: Security, Privacy, and Safety of Consumers: There is a robust system that uses encryption to avoid breaches of privacy, security, or safety of customer information(Canali, 2022). If the system stores data, the FTC mandates that applications and websites don't access consumer’s information they don't need. Should the website or the app need information about the consumer, it is the responsibility of the business to develop a security system to enhance security, such as two-factor authentication. Additionally, the company must adhere to HIPPA laws, where consumer information is protected from third parties without the consumer’s consent(CDC, 2022). Roles and Responsibilities Role Name Organization and Position Responsibilities and Tasks on the Project Contact Information Project Sponsor Harold Living President Oversee the project Harold.living @gmail.com Project Manager David E Project Manager Conducts meetings to initiate the project, manages the project with the team, conducts team meetings to discuss key performance indicators(KPI), Performs SMART targets, Monitor progress of projects, outlines expectations, and reports directly to the project sponsor davide@gma il.com Marketing Manager Brandon Park Marketing informs the marketing strategy team, does competitor and market research with the sales department, develops product pricing, researches customer segments, splits test ads and markets in different brandon-park @gmail.com

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version